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The Daily Press reports Virginia gas prices at their highest point in history ($3.15), as crude oil hits a new high ($105), but was Ron Paul right? See the chart here
That’s from this Wall Street Journal article, saying that it’s really the falling value of the dollar that’s driving these high oil and gas prices.
“what would have happened if the dollar had simply kept pace with the euro in this decade. What would oil cost today? Not $100, but closer to $57 a barrel.”
Ron Paul said as much during the debate, and no one really engaged the idea, but the question remains. Is there an oil or energy crisis, or is it simply the case of a falling dollar value?
